Elliott wave analysis of EUR/JPY for October 24, 2017

Wave summary:

As long as support at 132.45 is able to protect the downside, as long will we be looking for a continuation higher towards 137.37 to complete wave (D) of the huge triangle that has been developing since June 2008.

Short-term a break above minor resistance at 133.40 will indicate more upside pressure, while a break above resistance at 133.71 confirms a new rally to 134.41 on the way higher to 137.37.

R3: 136.04

R2: 134.41

R1: 133.71

Pivot: 133.50

S1: 133.08

S2: 132.78

S3: 132.45

Trading recommendation:

We are long EUR from 133.55 with stop placed at 132.85. Upon a break above 133.71 our stop will be raised to 133.05.

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